Mr Davidson said the expressions of interest campaign attracted
five bids from local groups and three international offers.

“When we look around the country, Brisbane is one of the
most heavily traded markets in 2019 with investors finding favour in higher
returns and improving fundamentals. We anticipate similar transaction volumes
in the second and third quarter,” Mr Davidson said.

Mr Phipps said that Brisbane’s strong underlying economic
fundamentals was a key drawcards for prospective purchasers.

“With the largest decline in vacancy of any major
Australian CBD in the past 12 months, Brisbane is experiencing a dynamic
economic recovery aided by forecasts that growth in Queensland’s Gross State
Product will outpace the rest of the nation at 3.4% over the next five years,” the
broker said.

Occupants enjoy views of the Brisbane River, nearby.

“This, coupled with significant yield spreads to Sydney
and Melbourne, is attracting buyers to Brisbane as a value proposition with
genuine growth prospects.”

Mr Phipps added that the transforming location around 201
Charlotte Street had been another attraction for buyers, with the tower set to
directly benefit from city shaping projects including Cross River Rail, the
Waterfront Precinct and Queen’s Wharf Integrated Resort and Casino.

“These projects are set to vastly improve the immediate area and underpin future rental growth the across the office, retail and carparking components at 201 Charlotte Street,” Mr Phipps said.

“The building has also benefitted from recent refurbishments totalling more than $5 million, which have established 201 Charlotte Street as a lifestyle hub, offering childcare facilities, an F45 gym, café, end of trip facilities and a valet car service.”

Yesterday we reported that Hyatt was returning to Queensland after a seven year hiatus, leasing a hotel set to be constructed as part of the $700 million South City Square complex – about two kilometres south-east of the Brisbane CBD.